How You Can Avoid Being a Financial Burden During Retirement
Sailing off into one’s golden years of retirement is something for which we all strive. With older
Americans living longer than ever and retirement costs rising higher than ever, how one
accomplishes such a retirement without becoming a financial burden to their children may seem
impossible. If you want to enjoy such a retirement, there are some things you need to do.
Talk with your children
The idea of talking with one’s children about their finances tends to rank right next to “getting a
root canal” on the pleasure scale, but it is a necessary step in avoiding being a financial burden.
Don’t think of it as an antagonistic occasion where your children get to question every financial
decision you’ve made, but as a joint fact-finding mission in which everyone just wants you to be
able to enjoy a happy retirement. But you will still need to talk with them about nearly every
financial decision you’ve made.
Split your portfolio
Traditional wisdom holds that you are to make your portfolio more and more conservative the
closer you get to retirement. Why? Instead, try splitting your portfolio into two categories. One
category can be investments that are geared toward maintaining the lifestyle you have built; thus,
they should be conservative investments. The second category is for more risky investments that
result in higher returns.
Avoid borrowing from family
Analyze every resource at your disposal before you solicit a loan from family. Could you get a
modest loan on your home equity? What about cashing out some investments?
Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A. offers estate
planning and business planning resources to residents of Port St. Lucie FL. To learn more about
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